Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1887-06-30
A BURSTED BANK.
Liabilities of the Fidelity Bank in
Cincinnati Estimated at
S6.000,O00.
President Swift Makes aStatement.
DepOsitors Sadly Left in the
Lurch.

CINoINNT1, O., June 23:-Every hour
seems to add to the magnitude of yester
days failures and to increase the frauds
and doubledealing which brought them
about The liabilities of the Fidelity
bank are now expected to reach $6,0O0,-
900, and those of E. l.. Harper, E. l.. Har
per g. Co., the Swift iron-works, and the
Riverside rolling mill will reach from
100000 to $4,OOO,OOO, making a total
of So 100000 to S1O,OOO,0OO.
The assets can only be conjectures, but
if the bank depositors get 20 per cent.
thy will be lucky. There is much uncer-
tainty as to the amount which may be
realized from stockholders oe the bank.
It seems that of the 100000, which the
Fidelity boosted of the latter half had
not been authorized, although paid for,
and it is question as to how it is to be
treated in settling up the assets. Then it
is said that Harper's holdings are mostly
in the second million. If it is held that
this second million does not exist as stock
there may be more hope for depositors.
Evidence of the frauds used and the des-
perate efforts made to get deposits comes
to light every hour. Lying was done by
wholesale in order to get men to put their
money in the bank. Judging by the num-
Der heard from Of the Fidelitys country
correspondents, most of them who had a
balance were Systematically swindled
1t is said that large quantities of the dis
counted paper was sent to New York and
rehypothecated there, and that
NO TRACE OF MUCH OF 1T
can now be found by the examiner and
receiver. 1t is absolutely certain that
for some weeks it has been a common
thing with the three arrested officers of
the bank to urge friends to solicit certain
others to keep their account with the Fid-
city, with the whispered promise that
if the application was successful the par
ties approached should be "put on the
inside of the big wheat deal' as @ reward.
A system Of perGistant and often petty
lying on the subject of the wheat deal and
deposits was kept up by all three. Every
hundred dollars in sight seemed
to be garbbed for. Workmen with
the petty savings of years were
besieged to deposit, and they
usually succumbed to the Establishments
used. The industry with which this col
lection of funds was kept up was equaled
only by the completeness with which they
were swept into the bottomIess wheat pit
in Chicago.
Franklin Alter, q very conservative man
| formerly connected with the Fidelity, said
to-day: 81 believe there was never a
more thoroughly Quilted bank on earth
There will not be cent left for the de-
positers." His opinion is concurred in BY
other careful men. The fact that Harper
Baldwin, and Hopkins were rearresteo
this afternoon on charge of conspiracy
to defraud shows that there will be de-
termined effort to push them. They are
very closely watched
FOR FEAR THEY MAY ABsCoND.
Harpers most ungrateful trick, and one
of his most damaging ones, came to ligh,
to-day, though not published here A few
days ago he went to a rich Third street
banker whose name is not here given, anG
said: "Mr.@, we have been business
friends for long time, and want to ask
little favor of you. I want to borrow
$4,000. and for the sake of looks I dom,
want to take 1t from my own bank"
MIR. said he had the money, but init
mated that the sum of $4,000 demanded
| some consideration in business way
even between friends, and that he ought
to have some security.
Oh certainly he should have some Fidel-
lty bank stock, and at par, too.
And would Mr.. Harper mind-life was
uncertain at best-putting the stock ia
his friends name?
with pleasure" said Harper, and he
did SO, and got his $4,000, while Mr.
o-day finds he is out of $5G, 900 loaned on
that amount of worthless stock which NAV
be assessed to its full face value, making
total of $l50,OOO to be credited to Har-
per's wheat deal.
Fidelity depositors are gloating to-day
over discovery made by legal firm that
in the case of Peckham Iron company VS..
Harper, reported in forty first Ohio state
reports, in the judgment of the court it
is stated that Harper converted $50 tons
OF iron to his own use, when rapidly
going up in price, as against his partners
and was ia collision with one Carruthers
to defraud Harper's own firm and the
Peckham iron company, for whom he was
acting as agent.
There is great indignation at Swift's
iron and steel works in Newport because
of the failure. The
EIGHT HUNDRED MEN REFUSED TO WORK
unless their wages were closed. One man
threatened to shoot Harper on sight.
Joseph Josephs. a creditor of E. L.. Har-
per for $19, 1000, to-day replevied Swift's
works, assigned by Harper yesterday.
There will probably be legal fight for
possession.
Harper to-day again refused to be in
terviewed. Il have nothing whatever to
say about the matter" said he. ssThere
has been enough said already. He did
not look as badly worried as ne did last
night. The mans GOODNESS is phenemen-
al. Asst. Dist. Atty. Bruce was asked
when Harper, Baldwin, and Hopkins
would be tried. He said: They have
been bound over TO the grand jury which
meets In October, and if the jury indicts
them they will be tried at once. There
is none of the delay in the federal courts
that is so aggravating in the state courts
We will be all ready for immediate trial,
and will insist upon having the cases tried
at once, and as Judge Sage does not en-
courage useless delays the trials will in
all probability be in October"
Bank Examiner Powell is in full COM
mand of affairs at the bank, and will be |
L.